mortgage free

[Drew Peacock]

Anyone here paid their mortgage off in record time? how did it feel when you made that last payment?

we paid ours off 10 years flat. walked into the bank july 2017 made the last payment of 810 000 krona. about 80k sterling at the time. 10 minutes it was paid off. got the last payment receipt on the wall in a frame with a picture of us in the bank with the manager.

from that moment onwards your life is so easier i tell you. highly recomended,

[Mojo1010]

Nice, lovely house. 

Don't own a house yet! Though when I do buy one, it will be a modest place and looking to pay it all off from the start, no mortgage!

[Drew Peacock]

20 minutes ago, Mojo1010 said:

Nice, lovely house. 

Don't own a house yet! Though when I do buy one, it will be a modest place and looking to pay it all off from the start, no mortgage!

awesome. that's the best way. few clicks of a mouse hey presto it's done with. we plan to retire in spain in 2029. maybe if we save enough we give our 20 year old son this house. or let him have it half it's value.

we wont be loaning any money for the place in spain. 

i see you're in london? i spent 25 years working in mainly north london. enfield area. i'm from romford.

[1.33]

43 minutes ago, Drew Peacock said:

Anyone here paid their mortgage off in record time? how did it feel when you made that last payment?

I did the same thing back in 2016. A huge weight off my shoulders and life's felt so much easier since then. I did start saving from an early age, buying early, and not being too extravagant. It's harder for the younger generation who have lower levels of disposable income and higher living expenses.

[Bper]

Hi Drew, Congratulations on owning your house, you are no doubt aware that property prices in the UK are considerably higher and unless you are extremely lucky many people don't get to pay their mortgage off till they are in their mid fifties if not then their sixties depending on type of job etc.

I was fortunate that I was able to pay mine off in my early fifties but that was due to owning and selling property over a number of years.

It does give you a sense of satisfaction not having to worry about paying a mortgage anymore. the problem is the cost of living has gone up considerably over the last few years and for many they will struggle to pay theirs off until they are far older and in many cases it will be after the official retirement age.

Like many others I feel sorry for the younger generation trying to get onto the property market.

If property was the same price in the UK as you paid in Krona then life would be a lot easier. Still irrespective well done. By the way what country are you in and what is the cost of living like compared with the UK. 

It looks a lovely house that you have with plenty of space.😄

[Drew Peacock]

sweden mate. cost of living? outragous here. 5 quid loaf of bread. 2 quid liter of fuel.

33% income tax. 25% vat. 12%vat on food.

incomes are pretty ok here though. i'm a construction worker on about 45k a year. wife 80k year. cost of living here eats away a lot of that though. house prices here are mega high also. we built our own house in 2007. it cost 200k in total. it's now worth about 450 to 500k..22% taxes on any profit made on property here

[Roy124]

A bank transfer was going to take 3-4 days while they used my money.  OK I said, I will take it in cash.

When they realised I wanted £50k they had to take me into a private office while they got it ready.

They were worried. 

We then walked around the corner to the building society, brief case in hand.  The cash was in our pockets. 

At the building society I ask for a private office.  They refused and said use the counter.   As bundle after bundle was placed on the counter they blanched and ushered us into a private office.

As the count increased they became increasingly worried as it was exceeding their cash holding limit for insurance. 

Finally,  all counted,  I said pay off the mortgage.   They said there will be a £50 redemption fee.  I said no there won't and produced the contract that made no mention of a fee.  They argued.

I produced a second contract that had been cleared previously that specified a fee, qed  no fee for the other.

That DID FEEL GOOD.

 

[Haliotis]

I feel sorry for young couples saving for deposit on a home today.  Most cannot keep pace with rapidly rising house values - like being in a tunnel where they can never reach the end.

We bought our first (terraced) house in 1957 for £895.  Sold 13 years later for £1,300, and bought our next house (3-bed semi) for £2,600. Eight years later, sold for £3,500 and bought a 5-bed semi for £8,750.

!3 years later (1985) houses had been spiralling up steeply. Two kids had left home so we sold for £41,500, and down-sized to a 3-bed semi, needing improvement, for £2,700 - for which we paid cash.  Upgraded over the years and, now in our 80’s, we are still in same home.

Of course, even worse for today’s buyers, no tax allowance on mortgage interest is now available - thanks to successive hard-nose governments.

[Rhymes with Paris]

I am so poor that the local church mouse has got thoroughly fed up with me continually asking for a loan, and refuses to speak to me any more.

I can't get a mortgage on this b&Q garden shed hidden in the undergrowth in the local park to even pay off if I had any money, and the roof leaks.

What I am really fed up with though, are people who exaggerate.

 

[Bper]

We were so poor that our front and back doors were on the same hinge.

 

 

[Hybrid21]

My council tax is a lot more than my mortgage ever was  ☹️

[Haliotis]

Paul, can’t you catch a ferry to France, sling away all your identification, and sneak back in a rubber boat.  Claim asylum, and get board and lodging in a 3-star hotel and £45 a week pocket money.  And free legal aid to help you keep it the pretence!

[Gren]

On 1/20/2024 at 9:15 PM, Rhymes with Paris said:

What I am really fed up with though, are people who exaggerate.

 

I've told you a million times not to exaggerate!

[Drew Peacock]

Anyone with a mortgage or any kind of loan PAY IT OFF ASAP. all the time you owe the bank money they have you enslaved.

we owe zero. 

only ever use a credit car to buy everything. we get free stocks and shares on our card provider each year. now touching 3000 quid nicely growing each year.

if you have to loan money to buy a car buy cheap. never ever enslave yourself for a deprectiating asset. utter madness to do that. if you do loan money for a car pay it back as quick as you can. i've never loaned money for anything other than 3 houses i've owned. 

invest your money. we have 60k in swedish funds. last year we made 6k profit on those. 

100k we have locked at 3.8% minus 30% taxes ofc. 3 month lock in period brings us about 600 quid every 3 months.

our monthly outlay for us is about 800 quid a month. that's everything including electric. no council tax here thank fek.

we get paid thursday. my wife has brought home 4k after tax and me 2.6k after tax. 1700 quid credit card to pay and 800 quid bills. 4k direct into our savings almost every month.

last year we saved 42k sterling.

not bad for a normal working class bloke aye?

bear in mind i live on zero year to year. i dont drink smoke or ever go anywhere. nore does the wife. she travels to and from work for free using the bus her hospital pays for. i have a company van with free diesel.

[Parts-King]

6 minutes ago, Drew Peacock said:

Anyone with a mortgage or any kind of loan PAY IT OFF ASAP. all the time you owe the bank money they have you enslaved.

we owe zero. 

only ever use a credit car to buy everything. we get free stocks and shares on our card provider each year. now touching 3000 quid nicely growing each year.

if you have to loan money to buy a car buy cheap. never ever enslave yourself for a deprectiating asset. utter madness to do that. if you do loan money for a car pay it back as quick as you can. i've never loaned money for anything other than 3 houses i've owned. 

invest your money. we have 60k in swedish funds. last year we made 6k profit on those. 

100k we have locked at 3.8% minus 30% taxes ofc. 3 month lock in period brings us about 600 quid every 3 months.

our monthly outlay for us is about 800 quid a month. that's everything including electric. no council tax here thank fek.

we get paid thursday. my wife has brought home 4k after tax and me 2.6k after tax. 1700 quid credit card to pay and 800 quid bills. 4k direct into our savings almost every month.

last year we saved 42k sterling.

not bad for a normal working class bloke aye?

bear in mind i live on zero year to year. i dont drink smoke or ever go anywhere. nore does the wife. she travels to and from work for free using the bus her hospital pays for. i have a company van with free diesel.

Bully for you. The vast amount or working folk earn nothing like you do, let alone be able to save anything, never mind 4K a month. You continue living in your ivory tower, it suits you. You are very very lucky to be able to have so much disposable income 

[Drew Peacock]

i'm just a working class bloke. i live on zero every year. that's the key. live within your means.

nobody needs a 40k suv.  All around where we live they all rent cars off the banks. here you can check if cars are leased or bought on hire purchase.

all rented off the banks lol. who does that? why would you loan money for a 50k car? financial madness that's what that is. 9% interest rates here now for cars.

socks n pants my only outlay in life.

[Rhymes with Paris]

For a start, your advice is wrong.

3 hours ago, Drew Peacock said:

i've never loaned money for anything other than 3 houses i've owned. 

It is not loaned, it is borrowed.

Same with a car loan or any other loan, the bank/loan company/credit/mortgage does the loaning, the borrowers do the borrowing.

Rudyard Kipling said in one of the lines in his poem "If", which was full of other good advice on living life.

"Appear not too well,nor too wise"

Ever read or heard the words "tone deaf " or "read the room" ?

If the idea here is to generate envy, then I reckon that is doomed to failure.

 

 

[Haliotis]

Oh Drew. Now you’ve got me picturing you strolling out in public wearing just socks and pants, and nothing else! 😃

[Gren]

17 minutes ago, Haliotis said:

Oh Drew. Now you’ve got me picturing you strolling out in public wearing just socks and pants, and nothing else! 😃

Cue for the organist from Monty Python 😃

[Roy124]

My first bank manager would not lend me the money to buy my first car.  Had to settle for a Ford Anglia at £560 rather than the Cortina i had set my eye on at £820.

Smart man. 

[Rhymes with Paris]

1 hour ago, Roy124 said:

My first bank manager would not lend me the money to buy my first car.  Had to settle for a Ford Anglia at £560 rather than the Cortina i had set my eye on at £820.

Smart man. 

Yeah, assuming you bought new,I bought both when they were older and full of rust.

When I see the old ones on such as "bangers and cash" with no rust, and supposedly not restored, I think how is that possible?

For example the 105e Anglias were great cars of the time I thought, but had a mud trap at the top of the headlights, no wing liners then on Fords.

Did some people really scrape out the mud , salt etc every week I wonder?

 

 

[Primus1]

Yes we paid our mortgage off back in 2016, I also accessed my pension and was able to leave a job I disliked ( well I liked it before we were taken over) and find something less stressful, three years before I can officially retire but, if I really wanted, I can retire now, I’d hate to be starting out again I do feel for the young people today..
 

[Drew Peacock]

Just to be clear i'm not posh or trying to show off. i grew up poor as i think most of use boomers did. i said to myself from a young age i will not be broke in my life.

i have worked in construction non stop since 1978 so not had a walk through life. we built our own house and i did most of the work myself with help. paid it off in 10 years flat through hard work and scrimping and saving. many people are ofc jealous here but we all make our own choices in life dont we? mine is to live a basic life and make sure the day i retire me and my wife are all set up.

btw i'm tight with myself but not with my wife or my 2 sons. my son in the uk gets help from us each month. our 20 year old son with my swedish wifes  gets help non stop from us.

we bought him a brand new kia ceed gt-line on his 18th birthday. 30k car cash ofc. it's an amazing car and better than what we have. nissan leaf and aygo x. it's as good on fuel as the aygo. 1.5t DCT . fast and very luxurious.

he's just started work and when he's ready we will give him 30k deposit for a flat or villa. i dress like a trämp ; and live year to year on zero so i can help my 2 boys. i'm also vegan and basically live on beans rice and potatos. i wont even buy myself a coke lol..why waste money when i can drink water.

i'm blown away how stupid most people are with money. many people here even loan 10k to go on holidays. 90% of people here rent cars from the banks and ofc rent their houses from the banks. i know 3 work mates here over 60 and they all have 200k plus mortgages. seen many here like that they end working the day before their funeral. madness to put yourself in the position. maniacs all of them

[Drew Peacock]

my wife is a nurse me a hand worker.

anyone can do this ok. it's called living as basic life as possible. last year all i bought was cheap as possible pants and socks. i only buy those when there's more hole than pant left. i then use them for metal polishing our 35 year old dualit toaster. my 30 year old son is about 1 million times tighter than me btw. he refuses to heat his house.

lives in a 5c house. he also lives on beans rice and tatties... he'll end up very rich when he's middle aged. 

 

my wife with her mum. she died 2 years ago. she bought a brand new corolla in 1987..wifes sister is driving it now. never gone wrong

[Mjolinor]

I had a mortgage once. in 1989, didn't like it so paid it off in 1991.

 

As far as clothes goes I am still wearing T shirts left over from this: https://en.wikipedia.org/wiki/Hurricane_Irene_(1999)

I was doing some consultancy work for Florida Power and Light and found a box full of T shirts commemorating the work the FPL crews did getting the power back on.